Infosys Annual Report on Form 20-F for Fiscal 2026 Available Online for ADS Holders
Infosys filed its Annual Report on Form 20-F for fiscal year ended March 31, 2026, with the SEC on June 15, 2026. The company reported revenues of $20,158 million (up 4.6% from fiscal 2025), net profit of $3,316 million, and an operating margin of 20.3%. As of March 31, 2026, Infosys had 328,594 employees across 290 locations in 59 countries. The company completed a ₹18,000 crore share buyback in December 2025 and recommended a final dividend of ₹25/- per equity share for fiscal 2026, subject to shareholder approval.
*this image is generated using AI for illustrative purposes only.
Infosys Limited announced on June 15, 2026, that it has filed its Annual Report on Form 20-F for the fiscal year ended March 31, 2026, with the U.S. Securities and Exchange Commission (SEC). The financial statements included in the Annual Report have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The report is available on the Infosys website at www.infosys.com , and ADS holders may request physical or email copies at no cost by writing to the Company Secretary at Electronics City, Hosur Road, Bangalore - 560 100, India, or by emailing investors@infosys.com .
Financial Performance Overview
Infosys delivered steady financial performance in fiscal 2026, with revenues growing to $20,158 million from $19,277 million in fiscal 2025, representing a 4.6% increase. The following table summarizes key financial metrics for fiscal 2026 compared to fiscal 2025:
| Metric: | Fiscal 2026 | Fiscal 2025 | Change |
|---|---|---|---|
| Revenues: | $20,158 million | $19,277 million | +4.6% |
| Gross Profit: | $6,079 million | $5,872 million | — |
| Reported Operating Profit: | $4,085 million | $4,071 million | — |
| Adjusted Operating Profit (Non-IFRS): | $4,228 million | $4,071 million | — |
| Net Profit: | $3,316 million | $3,162 million | — |
| Reported Operating Margin: | 20.3% | 21.1% | — |
| Adjusted Operating Margin (Non-IFRS): | 21.0% | 21.1% | — |
| Net Margin: | 16.5% | 16.4% | — |
| Basic EPS ($): | 0.81 | 0.76 | — |
| Diluted EPS ($): | 0.80 | 0.76 | — |
Revenue growth in fiscal 2026 was primarily attributable to an increase in realization due to role mix, improved pricing and productivity, incremental revenue from acquired companies, and favorable foreign currency translation. The decrease in reported operating margin was primarily attributable to an increase in cost of sales by 0.3%, selling and marketing expense by 0.4%, and administrative expense by 0.1% as a percentage of revenues. The impact of Labour Codes notified by the Government of India on November 21, 2025, on reported operating profit was $143 million (i.e., 0.7% of revenues).
Long-Term Growth Trajectory
Infosys has demonstrated consistent growth over the past four fiscal years. Revenues grew from $16,311 million in fiscal 2022 to $20,158 million in fiscal 2026, representing a compound annualized growth rate of 5.4%. Net profit grew from $2,968 million to $3,316 million during the same period, representing a compound annualized growth rate of 2.8%. Total employees grew from 314,015 to 328,594 between March 31, 2022, and March 31, 2026, representing a compound annualized growth rate of 1.1%.
Revenue by Geography and Business Segment
Infosys serves clients across multiple geographies and industry verticals. The following tables present revenue distribution for fiscal 2026 and fiscal 2025:
| Geography: | Fiscal 2026 | Fiscal 2025 |
|---|---|---|
| North America: | 56.1% | 57.9% |
| Europe: | 32.1% | 29.8% |
| Rest of the World: | 8.9% | 9.2% |
| India: | 2.9% | 3.1% |
| Business Segment: | Fiscal 2026 | Fiscal 2025 |
|---|---|---|
| Financial Services: | 27.9% | 27.7% |
| Manufacturing: | 16.3% | 15.5% |
| Energy, Utilities, Resources and Services: | 13.3% | 13.3% |
| Retail: | 12.9% | 13.5% |
| Communication: | 12.2% | 11.7% |
| Hi-Tech: | 7.8% | 8.0% |
| Life Sciences: | 6.9% | 7.3% |
| All other segments: | 2.7% | 3.0% |
For fiscal 2026, the five largest clients together accounted for 12.9% of total revenues, and the ten largest clients together accounted for approximately 20.5% of total revenues.
Liquidity, Capital Allocation and Buyback
As of March 31, 2026, Infosys had working capital of $5,396 million, including cash and cash equivalents of $2,341 million and current investments of $1,365 million. The company has no outstanding borrowings. Net cash provided by operating activities was $4,039 million in fiscal 2026.
In line with its capital allocation policy of returning approximately 85% of free cash flow cumulatively over a 5-year period, the Board approved a buyback of 100,000,000 equity shares at ₹1,800 per equity share through the tender offer route. The buyback was completed on December 4, 2025, resulting in a cash outflow of ₹18,000 crore (excluding transaction costs). The Board also recommended a final dividend of ₹25/- per equity share (approximately $0.26 per equity share) for fiscal 2026, subject to shareholder approval at the AGM to be held on June 23, 2026, which if approved would result in a net cash outflow of approximately $1,067 million (excluding dividend on treasury shares).
Workforce and Acquisitions
As of March 31, 2026, Infosys had 328,594 employees, of which 310,887 were professionals involved in service delivery to clients, including trainees. The company operated in 290 locations across 59 countries. During fiscal 2026, Infosys received 5,884,480 employment applications, interviewed 450,901 applicants, and extended offers of employment to 87,286 applicants.
During fiscal 2026, Infosys completed two acquisitions — MRE Consulting Ltd. and The Missing Link — for a total cash consideration of $76 million, net of cash acquired. Additionally, Infosys entered into definitive agreements to acquire Optimum Achieve Holdings Inc. for consideration including earn-outs amounting up to $465 million, and Stratus Global LLC for consideration including earn-outs amounting up to $95 million, both of which were subsequently completed after the reporting period.
Auditor and Regulatory Matters
Deloitte Haskins & Sells LLP, based in Bengaluru, Karnataka, India, audited the consolidated financial statements and issued an unqualified opinion on both the financial statements and the effectiveness of internal control over financial reporting as of March 31, 2026. The company's management assessed internal controls over financial reporting and determined they were effective as of March 31, 2026. The Audit Committee and Board approved the announcement of the company's intention to appoint BSR & Co. LLP as statutory auditors and KPMG Assurance and Consulting Services LLP as the independent registered public accounting firm, both proposed to be effective for the year ending March 31, 2028. The U.S. Department of Justice is conducting an investigation regarding how the company classified certain H-1B visa-recipient employees in immigration documents filed with certain U.S. government authorities; the company is engaged in discussions with the DOJ and continues its own inquiry regarding the matter.
Historical Stock Returns for Infosys
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.77% | -3.70% | +2.20% | -28.83% | -29.57% | -22.41% |
How will the ongoing U.S. Department of Justice investigation into H-1B visa classifications impact Infosys's ability to secure talent and win contracts in North America?
Will the recent margin compression due to increased costs and new Labour Codes persist into fiscal 2027, or can productivity gains offset these pressures?
How will the recently completed acquisitions of Optimum Achieve Holdings Inc. and Stratus Global LLC contribute to revenue growth and diversification in the coming fiscal year?
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